Its like all of the nails in your house will melt away at 3pm central time today.
According to Rocky Fishman founder of Asym 500, $4.2 trillion of options contracts, that include monthly and quarterly options expire today. To give you a visual, this is like the nails that hold your first and second floor of your house together will disincarnate at 3pm central time today.
As of the close on Thursday, SP500 was up 1.22% finishing a 6% increase since the the start of June. WOW! What could go wrong.
The take away from all of this is that months ago markets where bearish and then Nvidia had a good quarter vs quarter earnings report and the AI narrative drove index’s higher. Today could be the start of the end of all that.
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